GCC Reports First Quarter 2024 Results
April 23 2024 - 4:38PM
GCC, S.A.B. de C.V. (BMV: GCC*), a leading supplier and producer of
cement and concrete in the United States and Mexico, today
announced its results for the first quarter of 2024.
Q1 2024 HIGHLIGHTS
-
Consolidated net sales increased 11.9% year-on-year, to US$272.8
million
- U.S.
sales grew 17% as cement and concrete volumes rose 8.3% and 5.6%,
respectively
- U.S.
cement and concrete prices increased 5.7% and 12%,
respectively
- Mexico
sales increased 4% reflecting a 4.9% and 8.6% increase in cement
and concrete prices, respectively
- EBITDA
increased 31.6% to US$82.9 million with a 30.4% EBITDA margin
- Cash and
equivalents totaled US$980.5 million
- Net
leverage (net debt/EBITDA) ratio totaled -0.99x as of March
2023
- Earnings
per share increased 51.4% year-on-year, to US$0.1496
- Free cash
flow totaled US$40.4 million with a 48.8% free cash flow conversion
rate
KEY FIGURES (millions of
dollars)
|
Q1 24 |
Q1 23 |
Q1 24 vs. Q1 23 |
Net sales |
272.8 |
243.9 |
11.9% |
Operating income before other
expenses, net |
58.5 |
40.2 |
45.5% |
EBITDA* |
82.9 |
63.0 |
31.6% |
EBITDA margin |
30.4% |
25.8% |
|
Free cash flow** |
40.4 |
(15.7) |
n.m. |
Net income |
48.9 |
32.4 |
51.1% |
Earnings per share (US$)
*** |
0.1496 |
0.0988 |
51.4% |
*EBITDA: Operating income before other expenses
+ depreciation and amortization**Free cash flow before growth and
strategic CapEx***Earnings per share calculated based on average
number of outstanding shares during the quarter
Enrique Escalante, GCC’s Chief Executive
Officer, commented: “GCC delivered a solid first
quarter, marked by record sales and strong profitability driven by
operational stability and continued cost improvement.”
Enrique continued, “We are
well-positioned for continued success, supported by our backlog,
competitive advantages and our steadfast commitment to executing
our strategy focused on sustainability and long-term
profitability.”
To access the earnings release: click here
CONFERENCE CALL
GCC, S.A.B. de C.V. will host its earnings
conference call on April 24, 2024.
Time: 11 a.m. Eastern Time (New York) / 9 a.m.
Central Time (Mexico City)
Conference ID: 13743115
Dial in |
U.S. (toll free): |
|
1-877-407-0789 |
International: |
|
1-201-689-8562 |
|
|
|
Replay (through May 1, 2024, 11:59 p.m. ET): |
U.S. (toll free): |
|
1-844-512-2921 |
International: |
|
1-412-317-6671 |
|
|
|
Listen-only webcast and replay: click here |
|
ABOUT GCC
GCC is a leading supplier and producer of
cement, concrete, aggregates and construction‐related services in
the United States and Mexico. The Company has an annual cement
production capacity of 6 million metric tons.
Founded in 1941, the Company’s shares are listed
on the Mexican Stock Exchange under the ticker symbol GCC*.
Forward Looking Statements
This earnings report may contain forward-looking
statements. All statements that are not clearly historical in
nature are forward-looking, and the words “anticipate,” “believe,”
“expect,” “estimate,” “intend,” “project” and similar expressions
are generally intended to identify forward-looking statements.
These statements are subject to risks and uncertainties including,
among others, changes in macroeconomic, political, legal, public
health crises including COVID-19, governmental or business
conditions in the markets where GCC operates; changes in interest
rates, inflation rates and currency exchange rates; performance of
the construction industry; and pricing, business strategy and other
factors. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may differ materially from the beliefs, projections
and estimates described herein. GCC assumes no obligation to update
the information contained in this press release. Due to rounding,
numbers presented throughout this document may not add up precisely
to the totals provided and percentages may not precisely reflect
the absolute figures.
For further information,
contact:
GCC Investor Relations
Sahory Ogushi
+52 (614) 442 3176
+ 1 (303) 739 5943
soguship@gcc.com